FinanceLane
  • Funding
    • Equity Funding
    • Debt Funding
    • Crowdfunding
    • Real Estate Funding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Commodities
    • Forex
    • Private Equity
    • Real Estate
    • Crypto Investing
  • Lending
    • Personal Loan
    • Business Loan
    • Mortgage
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Health Insurance
    • Auto Insurance
    • Education Insurance
    • General Insurance
  • Banking
    • Individual Banking
    • Business Banking
    • Investment Banking
    • Neo Banking
    • Payments Bank
  • Crypto
    • Crypto Coins
    • Crypto Trading
    • Bitcoin
    • Blockchain
    • DAPP
    • Crypto Investing
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Payments
    • Digital Banks
    • Alternative Financing
    • Asset Management
    • Softwares
  • Venture
    • Startup Ecosystem
    • Merging & Acquisition
    • Equity Investing
    • Franchising
    • Business Offers
  • Login
No Result
View All Result
crypto
  • Crypto Coins
  • Crypto Trading
  • Bitcoin
  • Blockchain
  • DAPP
  • Crypto Investing
FinanceLane
Home News Feed Blockchain News

Australia Tax Office Says Crypto Under Focus This Tax Season

BlockchainbyBlockchain
May 17, 2022
in Blockchain News, Crypto
Reading Time: 2 mins read

The Australian Tax Office (ATO) has highlighted four major problem areas it wants to focus on this taxation season, and digital currencies are prominently featured.

ATO2.jpg

According to the tax watchdog, any Australian resident that “dispose of an asset such as property, shares, or a crypto asset, including non-fungible tokens (NFTs) this financial year,” will be required to “calculate a capital gain or capital loss,” and pen down the records in their tax return.

Going on to explain further, the ATO defined what it meant by capital gain or loss which it said is the difference between what one acquires the crypto asset for in monetary terms and the difference between the value it was disposed of at the time of sale. Capital gains come off when this difference is positive and it comes in at a loss when the difference is negative.

The growth of digital currency transactions in Australia is undeniable, but the tax return filings are not always commensurate with the data available to the tax office. This accounts for why the ATO wants to place more emphasis on crypto taxation this season.

“Crypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year. Remember you can’t offset your crypto losses against your salary and wages” said Assistant Commissioner Tim Loh “Through our data collection processes, we know that many Aussies are buying, selling, or exchanging digital coins and assets so it’s important people understand what this means for their tax obligations.”

Besides the ATO, other governments around the world are also bolstering their grip on the digital currency ecosystem as it relates to taxation.

India for instance has recently revealed that a new Goods and Services Tax of 28% will be levied on digital currencies as it now classifies trading of the assets alongside casinos, lotteries, and betting activities.

Image source: Shutterstock Read The Original Article on Blockchain.News

Tags: AUSTRALIA TAX OFFICECryptoRegulationTax

Related Topics

Blockchain

Opensea Opens Bulk NFT Listings & Purchases for Users

Bitcoin

Bitcoin’s Lightning Network Capacity Crosses 5,000 BTC Benchmark

Prev Next

You May Like

Blockchain

Opensea Opens Bulk NFT Listings & Purchases for Users

Bitcoin

Bitcoin’s Lightning Network Capacity Crosses 5,000 BTC Benchmark

Advisory

Bank FDs vs post office term deposit: Which offers senior citizens higher interest rate for short term

Blockchain

Crypto.com Offers Google Pay and Apple Pay Support for Canadian Users

Blockchain News

Coinbase Introduces PayID and Premium Services for Aussie Retail Customers

Blockchain News

Yuga Labs Sets Up BAYC Community Council to Boost Innovations

Advisory

Central govt employees: General Provident Fund (GPF), CPF interest rates announced for Oct-Dec 2022 quarter

Bitcoin

Bitcoin Crosses $20K Mark, as Whales Continue to Accumulate Tokens

Financial News

Blockchain News

Wikimedia Foundation Has Suspended Crypto Donation on its Platforms

Blockchain
by Blockchain
Blockchain News

Circle Inks Strategy Partnership with Bancorp for USDC Custody

Blockchain
by Blockchain
Advisory

6 reasons why nomination for investments is critical

FinanceLane
by FinanceLane
Blockchain

Almost $5m Withdrawn from ZB.com in Possible Hack

Blockchain
by Blockchain
Advisory

Income tax returns hit 4 crore, 68% of Dec 31 tally; no July 31 deadline extension

FinanceLane
by FinanceLane
Blockchain

Swiss Crypto Firm Launches Venture Fund, Supporting African Early-Stage Blockchain Startups

Blockchain
by Blockchain
Bitcoin

Funding for Crypto Startups Falls to One-Year Low

Blockchain
by Blockchain
Blockchain News

Tritum Raises $1.1m Funding Round to Accelerate Institutional Digital Assets Adoption

Blockchain
by Blockchain
Blockchain News

76% of Financial Institutions Eyeing Crypto Adoption in Next 3 Years, Ripple Report Shows

Blockchain
by Blockchain
Advisory

ICICI Bank reduces extra interest rate on special FD scheme for senior citizens; check latest rates

FinanceLane
by FinanceLane
Blockchain News

US Crypto Lender Celsius to Stop Paying Interests to Unaccredited Investors

Blockchain
by Blockchain
Advisory

What is the difference between index funds and ETFs?

FinanceLane
by FinanceLane
Load More
FinanceLane.com
  • Disclaimer
  • Privacy Policy
  • Terms of use
  • Subscribe
  • Contact

Subscribe to get the latest updates

Follow us on

© 2022 FinanceLane.com. All rights reserved.

  • Home
  • Funding
    • Equity Funding
    • Debt Funding
    • Real Estate Funding
    • Crowdfunding
  • Investing
    • Stocks
    • Bonds
    • Mutual Funds
    • Private Equity
    • Merging & Acquisition
    • Real Estate
  • Lending
    • Personal Loan
    • Business Loan
    • Credit Card
    • Microfinance
    • Peer-to-Peer Lending
  • Insurance
    • Life Insurance
    • Auto Insurance
    • Education Insurance
    • Health Insurance
  • Banking
    • Business Banking
    • Payments Bank
    • Investment Banking
    • Individual Banking
  • Wealth
    • Earning
    • Savings
    • Investments
    • Budgetting
    • Credit Management
    • Tax Planning
    • Retirement
  • Fintech
    • Alternative Financing
    • Payments
    • Asset Management
    • Digital Banks
    • Softwares
  • Fintech
    • Alternative Financing
    • Asset Management
    • Digital Banks
    • Softwares
    • Payments
  • Crypto
    • Crypto Investing
    • Crypto Trading
    • Crypto Coins
    • Bitcoin
    • Blockchain
    • DAPP
  • Subscribe
  • Contact
  • Login

© 2022 FinanceLane - Terms and Conditions | Disclaimer | Privacy Policy

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.